[Kenya] NIC Bank in asset financing deal with Simba Corp
NIC Bank has entered into an asset financing deal with Simba Corporation Ltd targeting individuals, SMEs and large commercial Businesses.
The six-month deal will see the two partners jointly tour over 30 counties across the country to showcase the brands and introduce the new Fuso model, the FI.
Data indicates that sales of heavy commercial vehicles still account for about 26.8 per cent of the market share and it is believed that ongoing and future construction projects in the country will fuel further sales in the heavier segments.
Under the financing arrangement, customers will be able to secure vehicles from Simba Corp and NIC Bank will fund up to 95% of the deal, repayable over a period of up to 5 years. Customers will also enjoy a comfortable 60-day payment holiday and reduced appraisal fees of 2.5% for new clients and 1.5% for existing clients.
Speaking during the signing ceremony Simba Corp Chief Commercial Officer for the Established Brands segment, Ameet Shroff emphasized that partnerships are in line with the firm’s strategic agenda aimed at growing its footprint and increasing its customer base by offering solutions that will help the customers.
“There is need to look at our customer base and understand their needs. They want to grow their business, produce more and entertain solutions that will enable them to do what is best for them. Our trucks are the best in the market and we would like all customers to have access to purchase them and have a comfortable payment period. This will grow our customer base even as the customers grow their businesses.” said Shroff.
“Simba Corp is 50 this year and key to our celebrations is to celebrate our customers who have been our partners for decades. This finance deal and competitive prices are an appreciation of our customers,” added Mr. Shroff
NIC Bank’s Executive Director, Alan Dodd said, “We all know last year had many challenges that impacted our businesses. The slowdown in the business environment spilled over into the beginning of this year, but today we are slowly seeing a recovery. The government expects the economy to grow by about 5.8 per cent, as mentioned by the National Treasury & Planning CS, Henry Rotich, in his recent Budget statement. The growth of our country, creating jobs, spurring economic growth and making Kenya a self-sustaining nation lies at the heart of everything we do. Today’s SME is tomorrow’s big corporate and I believe that, as NIC Bank, we have to give them as much support as possible in order for them to reach their full business potential. One way we can achieve this is through asset financing.”